The 50 day EMA is slicing through the bit of consolidation that we have been in and going flat suggesting that perhaps we really do not have anywhere to be. That being said, it is not a huge surprise to think that possibly the market has nowhere to be because we are simply waiting for some type of catalyst to get moving. The most obvious one of course is the SEC lawsuit that Ripple is currently fighting.
. Bitcoin needs to rally in order for them to feel more comfortable farther out on the risk spectrum. When you look at this chart, you could even make a bit of an argument for a descending triangle, which measures for roughly the same move down to the $0.62 handle. On the other hand, if we were to turn around a break above the 200 day EMA, then it is likely that we could go looking towards the $1.00 level given enough time.
Ultimately, Ripple should have some type of resolution to the SEC lawsuit over the next several months, so this summer could be a major turning point.